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Empiric Student Property To Develop Accommodation In Glasgow

Fri, 13th Nov 2015 08:27

LONDON (Alliance News) - Empiric Student Property PLC Friday said it has exchanged contracts on a forward-funded development in Glasgow for GBP9.6 million.

The scheme, known as 155 George Street, consists of an 89-bed premium student accommodation.

Empiric will acquire the freehold development, which currently comprises a vacant office building extending over basement, ground and six upper floors. The site is close to the University of Glasgow, opposite Strathclyde University's main John Anderson campus, and will be developed into 87 self-contained studios and one two-bed apartment.

It is scheduled to be completed in time for the 2017/18 academic year.

The full amount will be invested in stages against development milestones, Empiric said, adding that it will receive an income return from the developer on funds invested during the development period.

"Once all properties are complete, Empiric will own 440 operating beds in this Russell Group University city, which will help to drive further operational efficiencies and economies of scale. This acquisition is in line with Empiric's investment criteria and returns profile," Chief Executive Paul Hadaway said in a statement.

Shares in Empiric were trading up 0.6% at 110.68 pence Friday morning.

By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews